Patrick McKenzie is joined by Chris Best, CEO of Substack, to discuss how the platform created new economic infrastructure for independent media. They explore Substack's evolution from a simple newsletter tool to a full media network, the revenue guarantee program that attracted prominent writers, and the company's principled stance on press freedom during the "cancel culture" years. Chris explains how subscription-based business models create better incentive alignment than attention-based advertising, and discusses new features like AI-powered video production and Substack Defender, their legal protection program for writers facing lawsuits.
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Full transcript available here: www.complexsystemspodcast.com/how-blogging-went-legit-with-substack-ceo-chris-best/
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Sponsor: Mercury
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Links:
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Timestamps:
(00:00) Intro
(00:53) The evolution of online publishing
(01:20) Substack's business model
(02:05) Challenges and opportunities in media
(03:47) The role of engagement in media
(06:03) The birth of Substack
(08:58) Making paid newsletters accessible
(10:54) Revenue guarantees and early success
(13:05) Substack's impact on journalism
(17:59) Freedom of the press and Substack's stance
(19:24) Sponsor: Mercury
(20:40) Twitter's influence on journalism
(24:09) Substack's role in modern media
(26:04) The impact of cancel culture on journalism
(26:53) The evolution of blogging and discourse
(30:53) Substack's expansion into podcasts and video
(32:42) AI and the future of media production
(38:20) Substack defender
(42:22) The growing network and future of Substack
(46:03) Wrap